Tearsheet

TEN (XHLD)

Market Price (4/22/2026): $1.61 | Market Cap: $4.6 Mil
Sector: Communication Services | Industry: Broadcasting

TEN (XHLD)

Market Price (4/22/2026): $1.61
Market Cap: $4.6 Mil
Sector: Communication Services
Industry: Broadcasting

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Weak multi-year price returns
2Y Excs Rtn is -138%, 3Y Excs Rtn is -169%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -433%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg QQuarterly Revenue Change % is -14%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 156%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -324%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -352%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 886%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -423%

High stock price volatility
Vol 12M is 1469%

Key risks
XHLD key risks include [1] significant financial instability, Show more.

0	Weak multi-year price returns 2Y Excs Rtn is -138%, 3Y Excs Rtn is -169%
1	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -433%
2	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74%
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg QQuarterly Revenue Change % is -14%
4	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 156%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -324%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -352%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 886%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -423%
8	High stock price volatility Vol 12M is 1469%
9	Key risks XHLD key risks include [1] significant financial instability, Show more.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$1.61	$1.18	�	�	�
Market Cap CYE ($ Mil)	4.6	3.4	-	-	-
Total Debt ($ Mil)	5.1	5.1	6.2	2.3	0.0
Total Cash ($ Mil)	1.6	1.6	0.0	0.4	0.0
Enterprise Value ($ Mil)	8.1	8.5
Valuation Ratios
P/S TTM	1.5	1.1	-	-	-
P/EBIT TTM	-0.2	-0.2	-	-	-
P/E TTM	-0.2	-0.2	-	-	-
P/FCF TTM	-0.4	-0.3	-	-	-
Sector Ratios
P/S TTM (Sector)	1.2	1.1	1.1	1.2	1.2
P/EBIT TTM (Sector)	1.7	1.3	0.7	0.8	2.0
P/E TTM (Sector)	-0.6	-0.5	-0.6	-0.5	-0.1
P/FCF TTM (Sector)	6.8	6.8	8.1	6.2	3.7

	4/22/26	2025	2024
Share Price CYE	$1.61	$1.18	�
Market Cap CYE ($ Mil)	4.6	3.4	-
Total Debt ($ Mil)	5.1	5.1	6.2
Total Cash ($ Mil)	1.6	1.6	0.0
Enterprise Value ($ Mil)	8.1	8.5
Valuation Ratios
P/S TTM	1.5	1.1	-
P/EBIT TTM	-0.2	-0.2	-
P/E TTM	-0.2	-0.2	-
P/FCF TTM	-0.4	-0.3	-
Sector Ratios
P/S TTM (Sector)	1.2	1.1	1.1
P/EBIT TTM (Sector)	1.7	1.3	0.7
P/E TTM (Sector)	-0.6	-0.5	-0.6
P/FCF TTM (Sector)	6.8	6.8	8.1

	XHLD	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-13.7%	7.5%
Rev Chg LTM	-11.4%	6.9%
Rev Chg 3Y Avg	-11.4%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-432.6%	18.6%
CFO/Rev LTM	-324.3%	20.6%
Net Inc Mgn	-628.5%	12.8%
VALUATION	LOW
P/S	1.5	3.3
P/CFO	-0.5	15.7
P/FCF	-0.4	20.4
P/E	-0.2	24.4
STABILITY	FAIR
Debt/Equity	1.10	0.20
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Top 10 Customer Retention Rate	90%	12312024	Link
New Enterprise Clients	12	9242025	Link

Upcoming
5/26/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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TEN (XHLD) stock has gained about 35% since 12/31/2025 because of the following key factors:

1. Capital Infusion and Strategic Partnerships Fueling Future Growth.

TEN Holdings secured approximately $2.25 million in gross proceeds through a private placement of common stock on December 29, 2025, at $2.27 per share, providing essential capital for operations. Concurrently, the company announced a technical partnership with Webinar.net, projected to reduce operating expenses by $1.2 million to $1.7 million annually in 2026, and a strategic agreement with its controlling stockholder, V-Cube, Inc., aimed at expanding its presence in the North American virtual events market. These late 2025 developments set a positive tone for the stock entering the specified period, indicating a strengthened financial position and a clear strategy for operational efficiency and market expansion.

2. Enhanced Enterprise Trust with SOC 2 Compliance.

On January 22, 2026, TEN Holdings announced the strengthening of its enterprise trust by achieving SOC 2 compliant broadcast systems. This certification reinforces the reliability, security, and compliance of the company's digital event and communications platform, which is crucial for attracting and retaining enterprise clients and contributing to a positive market sentiment.

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Stock Movement Drivers

Fundamental Drivers

The 37.3% change in XHLD stock from 12/31/2025 to 4/21/2026 was primarily driven by a 198.0% change in the company's P/S Multiple.

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	1.18	1.62	37.3%
Change Contribution By:
Total Revenues ($ Mil)	3	3	-3.5%
P/S Multiple	0.5	1.5	198.0%
Shares Outstanding (Mil)	1	3	-52.3%
Cumulative Contribution			37.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
XHLD	37.3%
Market (SPY)	-5.4%	11.4%
Sector (XLC)	-0.5%	-0.3%

Fundamental Drivers

The -69.7% change in XHLD stock from 9/30/2025 to 4/21/2026 was primarily driven by a -50.3% change in the company's Shares Outstanding (Mil).

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	5.35	1.62	-69.7%
Change Contribution By:
Total Revenues ($ Mil)	3	3	-3.2%
P/S Multiple	2.4	1.5	-37.0%
Shares Outstanding (Mil)	1	3	-50.3%
Cumulative Contribution			-69.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
XHLD	-69.7%
Market (SPY)	-2.9%	3.7%
Sector (XLC)	-0.7%	2.8%

Fundamental Drivers

The -89.2% change in XHLD stock from 3/31/2025 to 4/21/2026 was primarily driven by a -80.8% change in the company's P/S Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	15.00	1.62	-89.2%
Change Contribution By:
Total Revenues ($ Mil)	4	3	-11.4%
P/S Multiple	7.8	1.5	-80.8%
Shares Outstanding (Mil)	2	3	-36.5%
Cumulative Contribution			-89.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
XHLD	-89.2%
Market (SPY)	16.3%	2.6%
Sector (XLC)	22.6%	2.3%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
XHLD
Market (SPY)	63.3%	4.0%
Sector (XLC)	108.2%	3.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
XHLD Return	-	-	-	-	-99%	36%	-98%
Peers Return	13%	-47%	26%	17%	21%	11%	19%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
XHLD Win Rate	-	-	-	-	18%	50%
Peers Win Rate	62%	23%	57%	58%	60%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
XHLD Max Drawdown	-	-	-	-	-100%	-9%
Peers Max Drawdown	-21%	-53%	-11%	-12%	-21%	-15%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZM, CSCO, MSFT, GOOGL, RNG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

XHLD has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

Unique Key	Event	XLC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	602 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	112 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days

Compare to ZM, CSCO, MSFT, GOOGL, RNG

In The Past

The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.

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About TEN (XHLD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are a provider of event planning, production, and broadcasting services headquartered in Pennsylvania. We mainly produce virtual and hybrid events and physical events. Virtual and hybrid events involve virtual and hybrid event planning, production and broadcasting services, and continuing education services, all of which are supported by our proprietary Xyvid Pro Platform. Physical events mainly involve live streaming and video recording of physical events. TEN Holdings, Inc. was incorporated under the laws of the State of Pennsylvania as a business corporation on February 12, 2024. Its previous name was “The Events Network, Inc.” and it changed its name to “TEN Holdings, Inc.” on June 20, 2024. TEN Holdings, Inc. was converted to a Nevada corporation on July 24, 2024. Our principal executive office is located at 1170 Wheeler Way, Langhorne, PA.

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Here are 1-2 brief analogies for TEN (symbol: XHLD):

Imagine **Zoom for professionally produced virtual and hybrid events.**
Think of it as **Cvent meets a professional broadcast studio for all types of events.**

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Virtual and Hybrid Event Planning: Designing and organizing virtual and hybrid events.
Virtual and Hybrid Event Production: Technical setup and execution for virtual and hybrid events.
Virtual and Hybrid Event Broadcasting: Delivering virtual and hybrid events to an audience.
Continuing Education Services: Providing educational content and programs, primarily supported by their proprietary Xyvid Pro Platform.
Xyvid Pro Platform: A proprietary technology platform that supports their virtual and hybrid event services.
Physical Event Live Streaming: Broadcasting physical events in real-time to a remote audience.
Physical Event Video Recording: Capturing physical events for later viewing or archival purposes.

AI Analysis | Feedback

Based on the provided description, TEN Holdings, Inc. (XHLD) operates primarily as a Business-to-Business (B2B) service provider. The company offers event planning, production, broadcasting, and continuing education services, which are typically contracted by organizations, corporations, educational institutions, or other entities rather than individual consumers. However, the provided background information does not list the names of TEN Holdings, Inc.'s major customer companies.

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Randolph Wilson Jones III, Chairman & Chief Executive Officer

Mr. Jones has served as President of TEN Holdings, Inc. (previously The Events Network, Inc.) since February 2024. He was also appointed Chairman of the Board on February 4, 2026.

Virgilio D. Torres, Chief Financial Officer

Mr. Torres was appointed Chief Financial Officer of TEN Holdings, Inc., effective June 30, 2025. He is an experienced finance professional with a strong background in mergers and acquisitions, fundraising, and complex financial planning. Most recently, he served as Vice President of Finance at Obsess Inc., where he led the company's financial strategy and oversaw various transactions, including debt financing and a successful acquisition by a strategic buyer. Prior to Obsess Inc., Mr. Torres was Senior Manager of Corporate Finance and Strategy at Exactera LLC, where he was responsible for managing the merger and acquisition pipeline and capital raising efforts. He also spent over five years in investment banking, originating, structuring, and executing complex transactions, including high yield and investment grade bonds to facilitate M&A, corporate development, dividend recapitalization, and refinancings. From July 2019 to September 2020, he was a manager at Blue Apron Holdings Inc.

Alex Kunin, Chief Revenue Officer

Erica Scudilla, Vice President, Marketing & Communications

Kevin McLane, Vice President of Product & Technology

AI Analysis | Feedback

Dependence on its proprietary Xyvid Pro Platform and intense competition in the virtual and hybrid event technology market: A significant portion of TEN Holdings, Inc.'s business for virtual and hybrid events relies on its proprietary Xyvid Pro Platform. The failure to maintain, update, or enhance this platform, or the emergence of more advanced or cost-effective competing technologies, could severely impact its ability to deliver services and attract clients. The virtual and hybrid event space is highly competitive and rapidly evolving, posing a continuous threat from existing players and new entrants.
Fluctuations in demand for virtual and hybrid events: While the company provides services for both virtual, hybrid, and physical events, a substantial part of its offering focuses on virtual and hybrid formats. A sustained shift in market preferences away from virtual or hybrid events towards entirely physical gatherings, or a general decline in corporate and organizational spending on these types of events, could negatively affect the company's revenue and profitability.
Competition in the broader event planning, production, and broadcasting services industry: The event services market, including planning, production, and broadcasting, is highly competitive. TEN Holdings, Inc. faces competition from a diverse range of companies, from small specialized firms to larger, more established organizations with greater financial and operational resources. This competition could lead to pricing pressures, reduced market share, and difficulty in securing new clients.

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The continuous evolution and feature expansion of major general-purpose video conferencing and collaboration platforms (e.g., Zoom, Microsoft Teams, Google Meet, Webex) to include comprehensive event management, production, and broadcasting capabilities. These widely adopted platforms are increasingly offering robust features for virtual and hybrid events, including advanced webinars, live events, registration, networking, and production tools. This trend threatens to commoditize the specialized proprietary platforms, such as TEN's Xyvid Pro Platform, by providing "good enough" or even superior solutions within existing, ubiquitous ecosystems, thereby reducing the market demand for specialized third-party platforms and associated production services for many organizations.

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The addressable markets for TEN (XHLD)'s main products and services are substantial, encompassing both U.S. and global regions.

Virtual and Hybrid Event Planning, Production, and Broadcasting Services

The U.S. virtual corporate events market was valued at nearly $11 billion in 2023 and is projected to reach $57 billion by 2032. More broadly, the U.S. virtual events market generated $27.67 billion in revenue in 2024 and is expected to reach $77.47 billion by 2030.
Globally, the virtual events market was valued at $392.10 billion in 2023 and is estimated to reach $1,388.4 billion by 2035.
The global hybrid events market reached USD 13.2 billion in 2024 and is projected to grow to USD 44.4 billion by 2033. North America alone accounted for approximately 38% of the global hybrid events market size in 2024, equivalent to USD 5.0 billion.
The overall global event management market, which includes virtual, hybrid, and physical events, was valued at US$ 1,255.0 billion in 2024 and is estimated to reach US$ 2,486.0 billion by the end of 2035. North America is the largest event management market globally, holding a 35.5% market share.

Continuing Education Services

The U.S. continuing education market was valued at USD 66.91 billion in 2024 and is expected to reach USD 95.98 billion by 2030.
The global B2B continuing education market size was USD 6.23 billion in 2024 and is predicted to increase to approximately USD 14.00 billion by 2034. North America leads the global continuing education market with about 38% share.

Live Streaming and Video Recording of Physical Events

The global live streaming market was valued at USD 113.21 billion in 2024 and is expected to reach USD 600.12 billion by 2032.
In the U.S., the live streaming market was valued at USD 38.14 billion in 2024 and is expected to reach USD 161.86 billion by 2032. North America held the highest revenue share of 39% in the global live streaming market in 2024.

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TEN Holdings (NASDAQ: XHLD) is expected to drive future revenue growth over the next two to three years through several key strategies:

Transition to a Recurring SaaS-Based Revenue Model: The company is focused on transitioning towards recurring SaaS-based revenue models, with this shift anticipated to begin in 2026. This move aims to enhance scalability and valuation by establishing more predictable and consistent revenue streams.
Growth in Customer Acquisition: An increase in customer traction and the successful acquisition of new enterprise customers are expected to boost demand for TEN Holdings' services. In 2025, the company added 12 new enterprise customers, quadrupling its customer acquisition rate from the previous year.
Accelerated Development and Monetization of the Ten Events Pro SaaS Platform: The launch of the Ten Events Pro SaaS platform is ahead of schedule, with initial revenue contributions expected as early as Q3 2025. A strategic partnership with Webinar.net is projected to triple development speed, bringing the next-generation event technology solution to market years ahead of schedule.
Strategic Merger and Acquisition (M&A) Opportunities: Management is actively pursuing merger and acquisition opportunities to achieve double-digit inorganic expansion in revenue and EBITDA through the disciplined consolidation of high-value event assets. Potential transactions are anticipated, which could significantly enhance the company's scalability.
Expanding Market in Virtual and Hybrid Events: TEN Holdings operates within an expanding industry outlook for virtual and hybrid events. The company's specialization in these types of events positions it to benefit from continued market growth.

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Share Repurchases

TEN Holdings, Inc. announced a stock repurchase program on March 18, 2025, authorizing the repurchase of up to $1 million of its outstanding common stock.
The program became effective on March 17, 2025, and is set with an evergreen term.
Funds for the repurchases are intended to come from the company's cash flow.

Share Issuance

TEN Holdings, Inc. completed its Initial Public Offering (IPO) on February 18, 2025, issuing 1,667,000 shares of common stock at $6.00 per share, which generated approximately $10.0 million in gross proceeds.
On December 29, 2025, the company executed a private placement, selling 991,000 shares of common stock at $2.27 per share, resulting in gross proceeds of about $2.25 million. The proceeds were designated for repayment of existing debt, working capital, and general corporate purposes.
A 1-for-15 reverse stock split was implemented, effective December 1, 2025, reducing the number of outstanding shares from approximately 44.8 million to 3.0 million.

Inbound Investments

The private placement on December 29, 2025, where the company sold 991,000 shares for approximately $2.25 million, represents an inbound investment from certain investors.

Capital Expenditures

Capital expenditures for fiscal year 2024 totaled $1.04 million, a slight decrease from $1.07 million in fiscal year 2023.
These capital expenditures were primarily focused on the acquisition of computer hardware, equipment, and capitalized software.
Capitalized software spending for the nine months ending September 30, 2025 (YTD Q3 2025), was $828,000.

Interactive Breakdown

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Better Bets vs. TEN (XHLD)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	TEN Earnings Notes	12/16/2025
2	Is TEN Stock Built to Withstand More Downside?	10/17/2025

	Title
0	ARTICLES

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BCPC	Balchem	5.6	647.6%	14.6%
CAR	Avis Budget	25.1	614.7%	456.4%
AEHR	Aehr Test Systems	2.8	171.5%	364.2%
APLS	Apellis Pharmaceuticals	5.2	137.9%	63.0%
SGML	Sigma Lithium	2.4	135.4%	61.4%
CBIO	Crescent Biopharma	0.7	125.4%	107.2%
CODI	Compass Diversified	0.9	111.6%	146.0%
KOD	Kodiak Sciences	2.4	107.4%	65.0%
MXL	MaxLinear	2.9	103.5%	93.3%
SATL	Satellogic	0.9	100.8%	285.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	XHLD	ZM	CSCO	MSFT	GOOGL	RNG	Median
Name	TEN	Zoom Com.	Cisco Sy.	Microsoft	Alphabet	RingCent.
Mkt Price	1.62	90.96	89.70	424.16	332.29	41.34	90.33
Mkt Cap	0.0	27.0	354.8	3,151.9	4,012.1	3.6	190.9
Rev LTM	3	4,869	59,054	305,453	402,837	2,515	31,961
Op Inc LTM	-13	1,124	13,685	142,559	129,039	121	7,404
FCF LTM	-11	1,924	12,241	77,412	73,266	530	7,082
FCF 3Y Avg	-	1,735	12,869	71,629	71,842	418	12,869
CFO LTM	-10	1,989	13,325	160,506	164,713	617	7,657
CFO 3Y Avg	-	1,844	13,764	129,579	130,586	500	13,764

Growth & Margins

	XHLD	ZM	CSCO	MSFT	GOOGL	RNG	Median
Name	TEN	Zoom Com.	Cisco Sy.	Microsoft	Alphabet	RingCent.
Rev Chg LTM	-11.4%	4.4%	9.0%	16.7%	15.1%	4.8%	6.9%
Rev Chg 3Y Avg	-	3.5%	3.8%	14.4%	12.5%	8.2%	8.2%
Rev Chg Q	-13.7%	5.3%	9.7%	16.7%	18.0%	4.8%	7.5%
QoQ Delta Rev Chg LTM	-3.5%	1.3%	2.4%	4.0%	4.5%	1.2%	1.8%
Op Inc Chg LTM	-392.4%	38.2%	17.9%	21.1%	14.8%	4,415.0%	19.5%
Op Inc Chg 3Y Avg	-	69.0%	1.3%	19.9%	20.3%	1,520.7%	20.3%
Op Mgn LTM	-432.6%	23.1%	23.2%	46.7%	32.0%	4.8%	23.1%
Op Mgn 3Y Avg	-	17.4%	24.2%	45.3%	30.5%	-1.4%	24.2%
QoQ Delta Op Mgn LTM	-148.7%	0.2%	0.7%	0.4%	-0.2%	1.0%	0.3%
CFO/Rev LTM	-324.3%	40.9%	22.6%	52.5%	40.9%	24.5%	32.7%
CFO/Rev 3Y Avg	-	39.3%	24.3%	48.5%	36.6%	20.9%	36.6%
FCF/Rev LTM	-351.6%	39.5%	20.7%	25.3%	18.2%	21.1%	20.9%
FCF/Rev 3Y Avg	-	36.9%	22.7%	27.2%	20.5%	17.5%	22.7%

Valuation

	XHLD	ZM	CSCO	MSFT	GOOGL	RNG	Median
Name	TEN	Zoom Com.	Cisco Sy.	Microsoft	Alphabet	RingCent.
Mkt Cap	0.0	27.0	354.8	3,151.9	4,012.1	3.6	190.9
P/S	1.5	5.5	6.0	10.3	10.0	1.4	5.8
P/Op Inc	-0.3	24.0	25.9	22.1	31.1	29.5	25.0
P/EBIT	-0.2	24.0	24.5	21.1	25.1	30.5	24.3
P/E	-0.2	14.2	32.0	26.4	30.4	82.0	28.4
P/CFO	-0.5	13.6	26.6	19.6	24.4	5.8	16.6
Total Yield	-419.2%	7.0%	5.0%	4.6%	3.5%	1.2%	4.1%
Dividend Yield	0.0%	0.0%	1.8%	0.8%	0.3%	0.0%	0.1%
FCF Yield 3Y Avg	-	7.1%	5.4%	2.3%	3.0%	14.7%	5.4%
D/E	1.1	0.0	0.1	0.0	0.0	0.4	0.1
Net D/E	0.7	-0.3	0.0	-0.0	-0.0	0.3	0.0

Returns

	XHLD	ZM	CSCO	MSFT	GOOGL	RNG	Median
Name	TEN	Zoom Com.	Cisco Sy.	Microsoft	Alphabet	RingCent.
1M Rtn	19.1%	18.7%	16.1%	11.1%	10.4%	9.9%	13.6%
3M Rtn	31.7%	11.9%	23.0%	-6.5%	3.3%	60.5%	17.4%
6M Rtn	-58.4%	8.8%	28.2%	-17.7%	32.9%	41.6%	18.5%
12M Rtn	-84.3%	29.0%	68.8%	19.0%	125.8%	87.2%	48.9%
3Y Rtn	-98.4%	42.2%	107.2%	51.9%	217.8%	43.8%	47.9%
1M Excs Rtn	10.5%	10.2%	7.6%	2.5%	1.8%	1.3%	5.0%
3M Excs Rtn	27.8%	7.9%	19.0%	-10.4%	-0.7%	56.5%	13.5%
6M Excs Rtn	-64.6%	7.7%	23.3%	-23.1%	25.4%	49.0%	15.5%
12M Excs Rtn	-119.3%	-6.5%	30.9%	-17.5%	86.9%	48.2%	12.2%
3Y Excs Rtn	-169.1%	-39.8%	22.1%	-19.0%	137.0%	-27.7%	-23.3%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	3/18/2026	3/18/2026	3/28/2025	2/14/2025	2/14/2025
Key Financials
Total Revenue	3	3	4	4	5
EBITDA	-19	-19	-3	-2	-0
Operating Income	-13	-13	-3	-2	-0
Net Income	-20	-20	-3	-2	-8
EPS	-10.08	-8.58	-1.78	-1.05	-4.20
Growth Rates
Total Revenue Growth	-11.4%	-11.4%	-5.8%	-22.6%	-
EBITDA Growth	-626.1%	-625.6%	-65.7%	-2179.4%	-
Operating Income Growth	-392.4%	-392.2%	-67.5%	-1481.6%	-
Net Income Growth	-557.5%	-557.3%	-75.8%	78.0%	-
Margins
EBITDA Margin	-600.3%	-600.3%	-73.3%	-41.7%	-1.4%
Operating Income Margin	-432.6%	-432.5%	-77.9%	-43.8%	-2.1%
Net Income Margin	-628.5%	-628.5%	-84.7%	-45.4%	-159.4%
Cash & Debt
Total Cash	2	2	0	0	0
Total Debt	5	5	6	2	1
Net Debt / (Cash)	3	3	6	2	1
Cash Flows
Net Cash from Operations	-10	-10	-2	-0	0
Free Cash from Operations	-11	-11	-4	-1	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	3/18/2026	11/10/2025	8/14/2025	5/20/2025	3/28/2025	2/14/2025	10/11/2024	5/20/2025	2/14/2025
Key Financials Quarterly
Total Revenue	1	1	1	1	1	1	1	1	1
Ebitda	-10	-2	-3	-5	-1	-1	-0	-0	-0
Operating Income	-5	-2	-1	-5	-1	-1	-0	-0	-0
Net Income	-10	-2	-3	-5	-1	-1	-0	-0	-0
EPS	-3.93	-1.50	-1.95	-2.70	-0.64	-0.53	-0.23	-0.24	-0.30
Key Financials TTM
Total Revenue TTM	3	3	3	3	4	4	4	-	-
Ebitda TTM	-19	-10	-9	-7	-3	-2	-1	-	-
Operating Income TTM	-13	-9	-8	-7	-3	-2	-1	-	-
Net Income TTM	-20	-11	-10	-7	-3	-2	-2	-	-
Growth Rates Quarterly
Total Revenue Growth	-13.7%	1.5%	9.1%	-34.5%	-29.3%	-32.2%	-	-	-
EBITDA Growth	-936.2%	-96.1%	-614.0%	-1161.7%	-230.0%	-144.1%	-	-	-
Operating Income Growth	-398.0%	-114.3%	-263.6%	-1173.3%	-261.2%	-116.6%	-	-	-
Net Income Growth	-748.5%	-103.8%	-562.9%	-1094.1%	-263.6%	-141.3%	-	-	-
Margins Quarterly
EBITDA Margin	-1370.8%	-328.0%	-229.0%	-624.9%	-114.2%	-169.7%	-35.0%	-32.4%	-24.5%
Operating Income Margin	-761.8%	-354.9%	-121.9%	-644.4%	-132.0%	-168.0%	-36.6%	-33.2%	-25.8%
Net Income Margin	-1402.5%	-365.9%	-249.5%	-654.4%	-142.7%	-182.2%	-41.1%	-35.9%	-27.7%
Cash & Debt
Total Cash	2	0	1	0	0	0	0	-	0
Total Debt	5	5	4	5	6	6	4	0	2
Net Debt / (Cash)	3	5	3	4	6	5	3	-	2
Cash Flows Quarterly
FCF from Operations	-1	-1	-1	-7	-1	-1	-0	-1	0
Cash Flows TTM
FCF from Operations TTM	-10	-10	-9	-9	-2	-2	-1	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-73.8%	-38.4%	-29.6%	-119.1%	-66.8%	-67.2%	-42.9%	-	-60.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-46.1%	-45.4%	-44.1%	-44.5%	-42.2%	-36.6%	-41.9%	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024
Single Segment	4
Delivered events - Physical		0
Delivered events - Virtual and Hybrid		5
Total	4	5

Price Behavior

Price Behavior

Market Price	$1.62
Market Cap ($ Bil)	0.0
First Trading Date	02/13/2025
Distance from 52W High	-92.1%
	50 Days	200 Days
DMA Price	$3.29	$15.56
DMA Trend	down	down
Distance from DMA	-50.7%	-89.6%
	3M	1YR
Volatility	379.5%	1,471.4%
Downside Capture	1.56	2.59
Upside Capture	733.16	158.40
Correlation (SPY)	11.7%	3.1%

XHLD Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.69	0.86	3.53	6.15	1.99	7.66
Up Beta	3.94	4.88	-3.99	-58.28	-4.92	-10.00
Down Beta	-1.90	-3.77	-1.89	1.55	0.87	-0.72
Up Capture	67%	-100%	1003%	602%	105%	65%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	7	14	23	50	102	112
Down Capture	210%	343%	340%	286%	178%	113%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	12	25	35	70	142	161

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with XHLD
XHLD	-85.7%	1,468.6%	0.93	-
Sector ETF (XLC)	31.2%	13.7%	1.73	2.2%
Equity (SPY)	23.7%	12.7%	1.52	2.8%
Gold (GLD)	41.4%	27.5%	1.25	-0.7%
Commodities (DBC)	22.4%	16.2%	1.25	-0.7%
Real Estate (VNQ)	14.2%	13.8%	0.72	-2.6%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	15.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with XHLD
XHLD	-56.4%	1,370.1%	0.83	-
Sector ETF (XLC)	10.1%	20.7%	0.40	3.7%
Equity (SPY)	10.8%	17.1%	0.49	4.0%
Gold (GLD)	21.6%	17.8%	0.99	-0.5%
Commodities (DBC)	10.9%	18.8%	0.47	0.2%
Real Estate (VNQ)	4.1%	18.8%	0.12	-1.0%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	15.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with XHLD
XHLD	-33.9%	1,370.1%	0.83	-
Sector ETF (XLC)	9.7%	22.3%	0.51	3.7%
Equity (SPY)	13.9%	17.9%	0.67	4.0%
Gold (GLD)	13.7%	15.9%	0.71	-0.5%
Commodities (DBC)	8.2%	17.6%	0.39	0.2%
Real Estate (VNQ)	5.4%	20.7%	0.23	-1.0%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	15.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	0.1 Mil
Short Interest: % Change Since 3152026	73.8%
Average Daily Volume	0.0 Mil
Days-to-Cover Short Interest	1.9 days
Basic Shares Quantity	2.9 Mil
Short % of Basic Shares	2.3%

Returns Analyses

	Title
0	Is TEN Stock Built to Withstand More Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/18/2026	-3.5%	-2.8%	9.9%
8/14/2025	-8.5%	-14.1%	-7.2%
5/20/2025	2.7%	-4.5%	-28.7%
SUMMARY STATS
# Positive	1	0	1
# Negative	2	3	2
Median Positive	2.7%		9.9%
Median Negative	-6.0%	-4.5%	-17.9%
Max Positive	2.7%		9.9%
Max Negative	-8.5%	-14.1%	-28.7%

	Forward Returns
3/18/2026	-3.5%	-2.8%	9.9%
8/14/2025	-8.5%	-14.1%	-7.2%
5/20/2025	2.7%	-4.5%	-28.7%
SUMMARY STATS
# Positive	1	0	1
# Negative	2	3	2
Median Positive	2.7%		9.9%
Median Negative	-6.0%	-4.5%	-17.9%
Max Positive	2.7%		9.9%
Max Negative	-8.5%	-14.1%	-28.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/18/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/14/2025	10-Q
03/31/2025	05/20/2025	10-Q
12/31/2024	03/28/2025	10-K
09/30/2024	02/14/2025	424B4
06/30/2024	10/11/2024	S-1

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/18/2026

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Prior: Q2 2025 Earnings Reported 8/14/2025

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Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Price, David Richard	Direct	Buy	3142025	0.49	10,000	4,932	9,864	Form
2	Price, David Richard	Direct	Buy	3032025	1.23	3,000	3,702	8,637	Form
3	Price, David Richard	Direct	Buy	3032025	1.23	1,500	1,845	10,455	Form
4	Price, David Richard	Direct	Buy	3032025	1.26	1,500	1,897	12,650	Form

XHLD Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing XHLD?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What XHLD Makes & Who Pays

TTM figures based on

XHLD Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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TEN (XHLD)

Market Price (4/22/2026): $1.61 | Market Cap: $4.6 MilSector: Communication Services | Industry: Broadcasting

TEN (XHLD)

Market Price (4/22/2026): $1.61Market Cap: $4.6 MilSector: Communication ServicesIndustry: Broadcasting

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About TEN (XHLD)

Virtual and Hybrid Event Planning, Production, and Broadcasting Services

Continuing Education Services

Live Streaming and Video Recording of Physical Events

Share Repurchases

Share Issuance

Inbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. TEN (XHLD)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

XHLD Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

Market Price (4/22/2026): $1.61 | Market Cap: $4.6 Mil
Sector: Communication Services | Industry: Broadcasting

Market Price (4/22/2026): $1.61
Market Cap: $4.6 Mil
Sector: Communication Services
Industry: Broadcasting